Sharon Steel Corp. v. United States

WILLSON, District Judge.

Plaintiff sued for the refund of federal taxes in the sum of $6,600, representing federal documentary stamp taxes paid by plaintiff.

On August 12, 1948, plaintiff borrowed $6,000,000 from the Metropolitan Life Insurance Company for use in its corporate business. This loan transaction was consummated pursuant to a loan agreement executed between plaintiff and Metropolitan on August 6, 1948, and was evidenced by a “note” executed and delivered to Metropolitan on August 12, 1948. A description of the form and substance of this note may be summarized as follows:

1. Both the…